All Forum Posts by: Nick Thomas

@John Dersoe I would go the route of selling in NY and re-investing in Florida.

Hey Ken! Sorry to hear about your property issue! I’ll connect you with my Chicago contact. Dming you!

My goals for 2021-

My wife and I buy our first primary residence. (Live there 3-5 years and then rent)

Get my real estate license.

Complete 3 deals in 2021.

Save capital for moving to a larger primary residence in 2024 to allow us to keep this condo as a rental.

Separately save for a cabin rental/vacation property.

Update: We closed on the house yesterday and everything went smoothly. Ended up being $339,900 with a 10k seller credit for closing. The sellers also agreed to pay for a complete replacement of the HVAC system.

Our lender was able to get us a rate of 2.25% so feel pretty confident that in around 5 years we can rent this property behind us.

Thanks to everyone for their input and special thanks to @Johnny Quilenderino and @Adrienne Green for their help through the process. While working on this purchase I also decided to get my Real Estate license and just completed the 60 hour course.

Happy to have finally pulled the trigger and I’m already thinking about how to find a next purchase!

@Chris Nerio We are doing the FHA loan. From what I have heard it is rare in the Ashburn area for anyone to even pay some of your closing unless you're paying above asking price.

We are using this as a primary residence that one we leave we should have saved money as opposed to renting, unless the market tanks.

I wouldn’t say we are emotionally attached to this house, but we are definitely emotionally attached to the area itself.

@Leo Watts Great area with amazing schools that we already live in and love. Another huge bonus for us is that every house around here is selling above asking price, and we are getting it without a bidding war.

The biggest though is that for the entire purchase we only need to put in $13,000. That includes home inspection, pest, closing, and down payment. We really couldn’t afford a property with 25k in upfront costs due to spending on a wedding also. The monthly payments are no issue.

@Leo Watts I would say if we needed to leave in 2 years we would in all likelihood lose $150 per month on it.

@Leo Watts Exiting in 2 years can’t happen unless the market just goes crazy. We should be able to cash flow after 5 years, but would likely sell to buy a larger home.

We will definitely be “saving” by getting some money back in 5 years rather than throwing it into rent to never see again.

@Chris Nerio Currently this area rents for 2,100 p/m. And yeah, it’s a “deal” compared to us continuing to rent. Normally we can’t buy anything in a nice area around here, but the closing cost being covered helps immensely.

@Justin Lanciault Definitely see why using a realtor is helpful. Lots to keep track of!